News

Cardtronics subsidiary buys ATM installer out of bankruptcy

January 30, 2012

Yorkshire, England-based New Wave ATM Installations has bought cash machine installer Complete Technical Services out of bankruptcy for an undisclosed sum, said a news story at insidermedia.com. The sale will preserve all 57 jobs at CTS.

CTS fell victim to a reduction in installations caused by a maturing ATM market in the U.K. Despite efforts to restructure its cost base, the 16-year-old business was issued a winding up petition (i.e., a bankruptcy petition filed by a creditor) by HM Revenue & Customs in December.

New Wave is a subsidiary of Bank Machine, one of the U.K.'s largest independent ATM operators. Bank Machine is owned by Cardtronics.

Read more about ATM installers and distributors.